OpenFX raises $23M in seed round from Accel, NFX, Lightspeed Faction

OpenFX fintech infrastructure startup for cross-border payments has raised $23 million in seed funding led by Accel, with participation from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and other strategic fintech investors.

OpenFX plans to use the funding to expand into Latin American and Asian markets, launch treasury management products, and scale its regulatory footprint.

The company, founded in early 2024 by FalconX co-founder Prabhakar Reddy, offers institutional-grade financial infrastructure for real-time cross-border payments.

According to OpenFX, which was operating under 'stealth mode' till now, it has already facilitated an annualised transaction volume of $10 billion in less than 12 months.

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The startup’s leadership includes veterans from PayPal, Slack, Affirm, Kraken, and major global banks such as JP Morgan, Goldman Sachs, and Citi. The current team numbers 42 employees across offices in the US, UK, UAE, and India.

Reddy previously co-founded FalconX, an institutional digital asset brokerage, valued at $8 billion in 2022. Before that, he was an investor at Accel.

“The $200 trillion annual FX market still runs on infrastructure designed in the 1970s, trapping approximately $4 trillion in working capital and extracting hundreds of billions in unnecessary fees annually,” Reddy said in a statement. “While domestic real-time payments have become the standard, cross-border money movement remains stuck in an analog era.”

OpenFX's technology promises FX transfers that are "99% faster and up to 90% cheaper" than traditional methods, leveraging a 24/7/365 operational model. According to the company, 90% of transactions on its network settle in under an hour, compared to the industry standard of two to seven days.

Shekhar Kirani, a partner at Accel, said the firm was drawn to the team’s execution and vision. “OpenFX represents that rare combination of an exceptional founding team tackling a massive market inefficiency with institutional-grade infrastructure,” he said. “They’re building what could become the AWS of global finance: secure, trusted infrastructure that developers and businesses can use to transform cross-border commerce.”

“In a world transformed by AI and agentic payments, the final frontier of digital transformation is the movement of money itself,” Reddy said. “We're building the invisible rails that will power the next decade of global commerce—making international payments as seamless, instant, and reliable as sending an email.”